Wednesday, July 20, 2016

The richest man in Europe holds 6 billion real estate – Le Figaro

PICTURES – Madrid, London, New York … The founder of Zara, Amancio Ortega discreet billionaire, owns dozens of buildings around the world. Its real estate portfolio increased 8.3% year on year.

Amancio Ortega, the founder of the Zara clothing brand became the the richest man in Europe, held more than six billion euros of real estate assets end 2015 show on Tuesday financial documents. The discreet Spanish billionaire has grouped these assets in a property company, Inmobiliaria Pontegadea, who owned 6.06 billion euros of assets in late December, an amount up 8.3% year on year, which in fact one of the most important players in the property market in Spain.

Ortega, aged 80, was transferred in December the bulk of his fortune in a holding company, Inversiones Pontegadea, including he is the president. Pontegadea Inversiones, which owns 50.01% of Inditex, Zara’s parent company and the real estate portfolio, entered EUR 810 million in dividends in 2015, an amount up to 5.2% one year, specifying the financial documents.

Ortega total control 59.29% of Inditex since owns a little over 9% regardless of Pontegadea Inversiones.

the dividends distributed by Inditex, which has almost doubled in five years, have virtually allowed Ortega to acquire without going into debt property of first choice all over the world, from New York to Seoul via London and course Madrid, mainly in commercial real estate. “All buildings that are bought in upscale neighborhoods. This ensures a regular and stable income streams, almost like a sovereign obligation, “said Carles Vergara, a finance professor at IESE.

Among the emblematic active real estate portfolio Ortega face the Torre Picasso , a Madrid office building built in 2011, offices in Mayfair in London, a portion of Oxford Street, one of the main shopping streets of the British capital, or EV Haughwout Building in the SoHo neighborhood of New York. Ortega does not rent its buildings only to Zara and Massimo Dutti, signs of Inditex, but sometimes competitors like H & amp;. M or Gap

In Madrid, the building art deco n 32 Gran Via, the main shopping street of the city, is leased in part to the British brand Primark, one of the main rivals of Zara. Despite recurring speculation of an IPO Pontegadea is not in the agenda, said a spokesman for the company.